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Economy in Brief

State Coincident Indexes in August 2022
by Charles Steindel  September 21, 2022

The Federal Reserve Bank of Philadelphia's state coincident indexes in August were more dispersed, and generally softer, than in recent months, though the general pattern still shows substantive growth. A full 15 states recorded declines from July, with West Virginia down .84 percent. Four states, all in the South had increases above .5 percent, with South Carolina's .59 percent the highest. At the three-month horizon, four states declined, with West Virginia and Montana off by more than one percent. At the top, only North Dakota and Massachusetts had gains over 2 percent. Over the past 12 months, Massachusetts's index was up more than 10 percent, and 28 other states had increase of at least 5 percent. Mississippi was the only state with its index increasing less than 3 percent over this period.

Yet again, the independently estimated national figures of growth over the last 3 (.85 percent) and 12 (5.14 percent) months look weaker than the state figures would imply.

Connecticut and Hawaii remain the only states that have not yet passed their pre-pandemic peaks in this series.

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